POST-MARKET SUMMARY 10th December 2024

On December 10, the Indian benchmark indices closed flat after a highly volatile trading session. The market opened on a positive note and remained in green during the first half. However, profit-booking in the latter half dragged the indices into negative territory. Late buying, particularly in IT and realty sectors, helped recover losses and led to a near-flat close.

On the sectoral front, power, telecom, and media indices were down 0.5-1%, while IT, metal, PSU Bank, and realty indices gained 0.4-1%.

NIFTY:  The index opened 33 points higher at 24,652 and made a high of 24,677 before closing at 24,610. Nifty has formed a bearish candlestick pattern with a long lower shadow, resembling a Bullish Hammer kind of pattern on the daily chart. Its immediate resistance level is now placed at 24,680 while immediate support is at 24,500.

BANK NIFTY: The index opened 43 points higher at 53,450 and closed at 53,577. Bank Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed around 53,800 while immediate support is around 53,300.

Stocks in Spotlight

▪  Glenmark Pharma: Stock surged over 4% after the company stated that the first clinical data of its blood cancer drug showed a positive response rate of 83%.

▪  Religare Enterprises: Stock jumped nearly 10% intraday after the Reserve Bank of India (RBI) cleared Burman family's open offer to acquire an additional 26% stake in the company.

▪  Indraprastha Gas: Stock gained over 2% as the board of the company approved a 1:1 bonus issue.

Global News

▪  European markets traded lower on Tuesday, retreating from yesterday’s positive trading session as investors geared up for the latest U.S. inflation report this week.

▪  Oil prices eased on Tuesday, retaining most of their gains from the prior session, as mounting geopolitical risks following the fall of Syrian President Bashar al-Assad and China’s vow to ramp up policy stimulus provided support for prices.

▪ The dollar rose on Tuesday ahead of U.S. inflation data that could offer clues about the Federal Reserve’s monetary-easing path, while analysts assess the likely impact of President-elect Donald Trump’s policies when he begins his second term.

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